By Dean Seal
Shares of PLBY Group rose to their highest level in more than a year after the company converted a quarter of its preferred shares to common stock.
The stock jumped 47% to a high of $2.44 in early trading. Shares haven't traded this high since February 2023 and hit a low of 44 cents in November of that year.
The producer of Playboy magazine said before the opening bell that it has converted 25% of its preferred stock into shares of common stock at a price of $1.85 apiece.
That marks a 23% premium to the price it struck in a stock sale with Byborg Enterprises in December.
The company didn't receive any proceeds in connection with the conversion.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 31, 2025 11:27 ET (16:27 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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